Correlation Between KLP Aksje and Uniphar Group
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By analyzing existing cross correlation between KLP Aksje Fremvoksende and Uniphar Group PLC, you can compare the effects of market volatilities on KLP Aksje and Uniphar Group and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in KLP Aksje with a short position of Uniphar Group. Check out your portfolio center. Please also check ongoing floating volatility patterns of KLP Aksje and Uniphar Group.
Diversification Opportunities for KLP Aksje and Uniphar Group
-0.53 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between KLP and Uniphar is -0.53. Overlapping area represents the amount of risk that can be diversified away by holding KLP Aksje Fremvoksende and Uniphar Group PLC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Uniphar Group PLC and KLP Aksje is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on KLP Aksje Fremvoksende are associated (or correlated) with Uniphar Group. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Uniphar Group PLC has no effect on the direction of KLP Aksje i.e., KLP Aksje and Uniphar Group go up and down completely randomly.
Pair Corralation between KLP Aksje and Uniphar Group
Assuming the 90 days trading horizon KLP Aksje Fremvoksende is expected to generate 0.45 times more return on investment than Uniphar Group. However, KLP Aksje Fremvoksende is 2.23 times less risky than Uniphar Group. It trades about -0.14 of its potential returns per unit of risk. Uniphar Group PLC is currently generating about -0.31 per unit of risk. If you would invest 179,826 in KLP Aksje Fremvoksende on August 28, 2024 and sell it today you would lose (3,720) from holding KLP Aksje Fremvoksende or give up 2.07% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 95.24% |
| Values | Daily Returns |
KLP Aksje Fremvoksende vs. Uniphar Group PLC
Performance |
| Timeline |
| KLP Aksje Fremvoksende |
| Uniphar Group PLC |
KLP Aksje and Uniphar Group Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with KLP Aksje and Uniphar Group
The main advantage of trading using opposite KLP Aksje and Uniphar Group positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if KLP Aksje position performs unexpectedly, Uniphar Group can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Uniphar Group will offset losses from the drop in Uniphar Group's long position.| KLP Aksje vs. Franklin Floating Rate | KLP Aksje vs. Franklin Floating Rate | KLP Aksje vs. Franklin Floating Rate | KLP Aksje vs. Dalata Hotel Group |
| Uniphar Group vs. Dalata Hotel Group | Uniphar Group vs. Kingspan Group plc | Uniphar Group vs. AIB Group PLC | Uniphar Group vs. Glanbia PLC |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Bollinger Bands module to use Bollinger Bands indicator to analyze target price for a given investing horizon.
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